| City of Calgary, October 1, 2019 – For the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market. “Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000. In the condominium apartment market, sales improved by 16 per cent this month. This represents the segment’s best September since 2015. Year-to-date growth in both the attached and apartment sector were enough to offset the modest decline in the detached sector resulting in year-to-date sales growth of nearly one per cent in the city. Despite improving sales and reductions in inventory, the overall market remains oversupplied. This continues to weigh on prices. “While housing demand is modestly improving, sales activity remains relatively weak,” said Lurie. “The market is moving toward more stable conditions, but this is mostly related to supply adjustments in the city.” September inventory levels are still elevated at 6,889 units, but this figure represents a decline of 13 per cent compared to last year. The months of supply in the Calgary market currently sits at five months. These conditions continue to favour the buyer, but not to the same degree seen at this time last year. September’s citywide unadjusted benchmark price of $424,900 is two per cent lower than last year’s levels. HOUSING MARKET FACTS Detached Improvements in sales over the past three months were not enough to offset pullbacks that occurred earlier in the year, as year-to-date sales remain nearly one per cent lower than last year’s levels. Despite citywide declines, sales improved in both the North West and South districts, thanks to significant gains in sales of homes priced below $500,000. The months of supply remains elevated at over four months, although this is an improvement compared to the same time last year. Benchmark prices in September ranged from a year-over-year decline of more than four per cent in the South district to general stability in the North East, North and West districts. Apartment Sales improved by 16 per cent this month, making it the best September recorded in the past three years. Despite recent improvements in sales, year-to-date levels remain stable compared to last year, but well below longer-term trends. Condominium apartment sales were varied across the city. Significant growth was reported in the North and South East districts. Both districts have seen significant new-home development which could be influencing resale activity. Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 per cent below 2014 highs. Attached Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than five per cent compared to last year. It is the only product type that has recorded significant gains year-over-year. New listings continue to ease, reducing inventory and the months of supply. Despite some annual reductions in the months of supply, buyers’ market conditions persist and prices continue to ease. Year-to-date benchmark price declines ranged from a high of nearly six per cent in the City Centre to a low of three per cent in the North East. REGIONAL MARKET FACTS Airdrie Conditions in the resale market continue to show signs of growth. Sales activity improved in September, pushing year-to-date sales up by nearly three per cent. New listings eased, which helped reduce inventory in the market. The market remains slightly oversupplied, but the months of supply is edging down from last year’s high levels. This is supporting more stability in monthly price movements. As of September, the unadjusted benchmark price was nearly two per cent lower than last year’s levels. Cochrane Sales in the area continue to improve and year-to-date levels remain the third-highest on record. The area faces fewer challenges with demand than the Calgary market, but elevated inventories continue to weigh on prices. Inventories are starting to trend down. If this continues, the market should move into more balanced conditions and, eventually, support some price stability. Okotoks Sales activity continues to recover from the low levels recorded last year. Improving sales and easing new listings are causing year-over-year inventory declines and reducing oversupply in the market. The market has been trending into balanced conditions, but prices have been slow to react. Year-to-date benchmark prices remain just over four per cent lower than last year’s levels. Click here to view the full City of Calgary monthly stats package. Click here to view the full Calgary region monthly stats package. |
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Media release: Sales activity increase led by lower-priced homes
Sales activity increase led by lower-priced homes
City of Calgary, September 3, 2019 – Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
Sales activity improved for all product types. The growth was largest for apartment-style and attached properties.
Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels.
New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions.
The amount of downward pressure on prices is also easing. At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels.
Despite improving sales and reductions in inventory, housing market recovery will take time. Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favour the buyer, with over four months of supply.
HOUSING MARKET FACTS
Detached
- Year-to-date detached sales remain just below last year’s levels, but sales improved in the South and North West districts this month.
- Citywide growth has been driven by homes priced under $500,000. Meanwhile, easing sales and elevated inventories among homes priced above $500,000 have increased the months of supply, pushing it further into buyers’ market territory.
- Benchmark prices in August ranged from a year-over-year decline of over five per cent in the South district to a decline of nearly one per cent in the South East.
Apartment
- For the second month in a row, sales activity improved for apartment-style homes, but these gains were met with a rise in new listings. This prevented any significant adjustments to inventory levels and kept the months of supply elevated.
- Sales activity remains just below last year’s levels. On average, the amount of inventory in the market this year has eased compared to last year.
- Citywide benchmark prices in August eased compared to last year, but the East, South East and North East districts recorded modest gains. Despite those gains, prices remain well below 2014 highs.
Attached
- For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units, nearly a five per cent increase compared to the previous year. At the same time, new listings continue to ease, causing further reductions in inventory.
- The months of supply have moved from over six months at this time last year to under five months in August.
- These improvements have supported some monthly gains in benchmark prices, but August benchmark prices remain 2.6 per cent below last year’s levels.
REGIONAL MARKET FACTS
Airdrie
- Despite a year-over-year decline in sales activity this month, year-to-date sales sit just above last year’s levels. Unlike Calgary, most of the growth here has been driven by gains in the detached sector. Year-to-date new listings have eased by 13 per cent and inventories have edged down relative to last year.
- A general trend toward more balanced conditions has eased downward pressure on prices. The benchmark price was $334,600 in August – 1.8 per cent below last year’s levels.
Cochrane
- Fuelled by reductions in new listings and stable sales, inventories continue to trend down. This has supported some easing in the months of supply, which dropped from nearly eight months in August of last year to five months this year.
- Reductions in oversupply have supported more stability in monthly prices. The benchmark price was $408,000 in August, nearly four per cent below last year’s levels.
Okotoks
- Improving sales in August contributed to year-to date sales of 373 units, slightly higher than last year’s levels, but still below long-term averages. The number of new listings continues to ease. This is causing inventories to decline and reducing the months of supply.
- Months of supply dropped from nearly 10 months last year to under five months this August. Despite this reduction in oversupply, benchmark prices so far this year have remained over four per cent below last year’s levels.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
6 Inexpensive Things You Should Stop Wasting Your Money On
By Ayn-Monique Klahre
I am all for saving money. And since I started writing about cooking—and more recently spending hours researching prices for groceries and other goods at my local grocery and bulk stores—I’ve become an obsessed price-per-ounce reader and comparison shopper.
But even though I believe in getting the best possible price for comparable goods, there are some products where the list price doesn’t reflect the item’s true value. Some items are inexpensive for a reason, meaning they either won’t perform as well or last as long as something that you have to pay a little more for.
Don’t believe me? Here are six inexpensive things that you should stop wasting your money on—and what you should buy instead.
1. Off-Brand Food Containers
You know the ones I’m talking about here—those containers that, right out of the packaging, already don’t seem to match up with their lids. You spend a few bucks here and there at the dollar store on those white or black plastic containers. Then you spend way too much time trying to get the lids to fit on, only to get one on “good enough” and have it leak sauce in your fridge or tote bag.